Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) If an amount of trust money held by a law practice has become an unclaimed amount, the practice must:
(a) within one month after the amount becomes an unclaimed amount, pay the amount to the Funds Management Committee; and
(b) within 7 days after payment, give the Committee the information the Committee requires in relation to the amount and the person on whose behalf the amount was held by the practice.
(2) An amount of trust money held by a law practice is an unclaimed amount if:
(a) the amount has been held by the practice for a period of at least 2 years and during that period the practice has had no knowledge of the existence or the address of the person on whose behalf the amount is held; or
(b) the person has refused to accept payment of the amount when tendered.
(3) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1), the practitioner or practice is guilty of an offence.
Maximum penalty: 10 penalty units.
(4) If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1), each principal of the practice is guilty of an offence.
Maximum penalty: 10 penalty units.
(5) On payment of the amount to the Committee under subsection (1), the practice is relieved from any further liability in relation to the unclaimed amount.